What is Personal Property?
Personal property consists of: boats, boat motors, jet skis, mobile homes (not meeting the real property requirements), aircraft (includes airplanes, helicopters, hot air balloons and gliders), and all unlicensed (untagged) automobiles, race cars, trucks, trailers, campers, motor homes and motorcycles.
For property tax purposes in Arizona, business personal property is defined as all types of property except real estate. Taxable personal property includes property used for commercial, industrial, and agricultural purposes. Personal property is considered to be movable and not permanently attached to real estate. Although there are exceptions, personal property usually can be removed without causing damage to either the real estate from which it is removed or to the item of property itself. Property taxes in Arizona are imposed on both real and business personal property.
Simply answered, personal property is anything that is not real property. It includes, but is not limited to: office furniture, all types of equipment, non-licensed vehicles such as tractors, supplies, spare parts, leasehold improvements, and refrigerators, stoves, dishwashers, etc. An Agricultural or Business Personal Property Statement is mailed annually to the taxpayers for completion.
